UK insurance company Norwich Union have launched a "Pay As You Drive" insurance- a flexible option that uses in-car GPS devices to build an insurance policy created around the individual motorist. Based on personal driving habits such as usage, type of road, and mileage, a cost per mile is added onto a monthly fee, with prices starting from as little as 1p per mile. Customers then have the option of receiving an itemised monthly bill. As the company’s blurb states- "It
couldn’t be easer. With "Pay As You Drive"â„¢ insurance you will be fully
insured at all time, but you only pay for the journeys you actually
make."
Considering the extortionate price of insurance in London which can be affected by everything from your age and gender to location and nocturnal habits, this seems like a fantastic money-saving option, though I have yet to eplore the fine print. The icing on the cake of this offer though is the extras thrown in- free sat nav and speed camera detection offered for the first month, and a special In-Car Assistance Button which apparently gives you 24 hour access to help. The future of insurance is looking up.
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